BMC lost Rs 2,000 crore due to unchanged property tax in Mumbai: Minister

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After he pointed out that the state had not yet waived property tax for dwellings below 500 square feet in the city in accordance with the Shiv Sena’s election promise, Shinde said this was under consideration, and the state would soon take a decision.

 

State Urban Development Minister Eknath Shinde told the state assembly on Tuesday that the BMC lost revenue worth Rs 2,000 crore as property tax in the in the city has not been hiked since the pandemic began.

 

After he pointed out that the state had not yet waived property tax for dwellings below 500 square feet in the city in accordance with the Shiv Sena’s election promise, Shinde said this was under consideration, and the state would soon take a decision.

 

“Every five years, there is a hike in the property. This time it would have been a 17% hike. However, given the pandemic,it was unfair to hike the tax. Chief Minister Uddhav Thackeray agreed to this. The revenue loss to the BMC is Rs 2,000 crore over the last two years,” said Shinde.